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While there has not yet been any major developments in the EB-5 industry’s effort to pass legislative reforms of the program, the EB-5 Reform and Integrity Act proposed by Senators Chuck Grassley and Patrick Leahy gained another ally this week in CanAm Enterprises.
In a press release this week, the multinational investment firm emphasized the importance of securing long term reauthorization for the EB-5 program, and announced it “strongly supports” the proposed Grassley/Leahy legislation. CanAm stated that the bill represents a “real opportunity to end the streak of consecutive short-term reauthorizations… of the EB-5 Program” and that its passage would “address important concerns of key legislators and create an opportunity to engage in good faith discussions regarding the EB-5 industry’s long-sought increase in annual EB-5 visa availability.”
These sentiments echoed those expressed last month by IIUSA and CMB Regional Centers in their respective endorsements of the Grassley/Leahy bill. Both CMB’s and IIUSA’s releases expressed optimism about the program’s future; CanAm shared in this optimism, stating that they are “confident that the EB-5 Program will continue to thrive past June 30, 2021”.
It should be abundantly clear that the EB-5 industry has goals beyond merely reauthorizing the program, and sees the Grassley/Leahy bill as a stepping stone to those goals. CMB, IIUSA, and CanAm statements have all pointed to passage of the bill as an opportunity for further reforms to increase the availability of EB-5 visas.
IT’s Time for Action
For the last thirty years the EB-5 program has been an extraordinarily cost-effective catalyst for economic growth in America. This was the explicit goal in mind when the program was created, and year after year it has accomplished that goal. To date, the EB-5 program has added billions of dollars and thousands of jobs to the American economy, with zero cost to the U.S. taxpayer, yet it is now at risk of ending due to Congressional inaction. Allowing the program to expire is simply unjustifiable, EB-5 investors want to be part of America’s future and are willing to devote themselves to building that future, something America needs now more than ever. Industry leaders, investors, and anyone interested in ensuring American prosperity must join together and demand action from Congress to ensure that the EB-5 program is reauthorized. Reach out to your Congressman today.
Senator Chuck Grassley can be contacted here.
Senator Patrick Leahy can be contacted here.
If you’re not sure who your Congressman is, click here.
The EB-5 Regional Center program is scheduled to expire on June 30, 2021. You can get started by reaching out to a trusted Regional Center for more information.
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